Balance Sheet Components

6 Months Ended

Jun. 30, 2025

Balance Sheet Related Disclosures [Abstract]

BALANCE SHEET COMPONENTS

Property and Equipment, Net

The following summarizes property and equipment, net as of June 30, 2025 and December 31, 2024 (in thousands):


	June 30, 2025			December 31, 2024
Equipment	$	135,572		$	110,011
Leasehold improvements		60,598			46,809
Furniture and fixtures		6,936			6,633
Building		1,234			—
Land		9,850			—
Total property and equipment, gross		214,190			163,453
Less: accumulated depreciation		(121,627	)		(105,397	)
Property and equipment, net	$	92,563		$	58,056

Depreciation expense on property and equipment is classified as follows in the accompanying condensed consolidated statements of operations for the three and six months ended June 30, 2025 and 2024 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cost of revenue, genomics	$	3,994	$	3,293	$	7,635	$	6,674
Cost of revenue, data and services		111		—		283		—
Selling, general and administrative costs		4,242		3,122		8,312		6,010
Total depreciation	$	8,347	$	6,415	$	16,230	$	12,684

Accrued Expenses

Accrued expenses as of June 30, 2025 and December 31, 2024, consist of the following (in thousands):


	June 30, 2025		December 31, 2024
Accrued compensation and employee benefits	$	37,792	$	24,767
Accrued expenses		84,543		51,147
Accrued employer payroll tax related to stock-based compensation		5,823		24,439
Accrued cloud storage costs		29,263		21,394
Interest payable		8,482		8,660
Total accrued expenses	$	165,903	$	130,407